Donald Trump has announced 25% tariffs on Mexico and Canada. Here is how they would work and what such tariffs might mean.

Trump said Monday on Truth Social that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

Prime Minister Justin Trudeau said that if President-elect Donald Trump follows through on this threat to impose tariffs on Canadian products, he would be raising prices and hurting American businesses.

Canadian Prime Minister Justin Trudeau met with Donald Trump at his Mar-a-Lago resort Friday after the president-elect threatened to impose tariffs on Canadian products. Trump has floated imposing a 25% tariff on all goods coming into the United States from Canada and Mexico if the flow of drugs and immigrants across the northern and southern